IDEB Projects Ltd, a Bangalore-headquartered infrastructure and real-estate firm, plans to invest Rs400 crore in building service apartments over the next two years. The company wants to capitalize on the demand-supply mismatch for hotel rooms in the country.
IDEB has started work on taking its Tristar brand of service apartments—the first Tristar property, a 25-room one, is operational in Bangalore—to Delhi first, and then to other cities. The Delhi Tristar, a 100-room property, will be functional by July, according to Harkirat Singh Bedi, IDEB’s chairman and managing director.
“With the need for rooms going up significantly across the country, we plan to be in the three- and four-star category, where we will ramp up to 2000 rooms in five years,” Bedi said.
Of this, 800 are expected to be ready in the next two years. By December, IDEB hopes to have ready service apartments in Pune, and a second property in Bangalore.
The IDEB chairman also said the company plans to develop residential and commercial properties in the non-metros, beginning with Pune, where it will invest Rs650 crore to develop residential properties.
Bedi added that the company would develop at least four residential townships in various parts of Pune, including the industrial belts of Chakan and Talegaon and the IT belt of Hinjewadi, over the next two-three years.
In addition to its residential real-estate projects, IDEB is currently involved in developing multiple IT parks at Bangalore and Dehradun, and in the Director General’s Married Accommodation Project (DGMAP), a Rs140 crore project to build several thousand apartments for married defence personnel.
The company is executing part of the multi-city project in Pune and Delhi, Bedi added.
IDEB operates in areas such as engineering, construction, real estate, infrastructure and manufacturing.